Updating blog after many days, as Nifty was rotating alot n i had nothing much to write about it.
Anyways today NF Broke out of Balance it was forming for last 3-4days.
Today im going to write about points i observe throughout day, as im
discretionary Trader..i have to be in sync of market n understand whats it doing n how efficiently its doing that job??Mentioned points on chart, changing my charting Platform to Ninja Trader( lately Market Delta Creating lot of problems in data handling,still managed to add MD TPO chart )
Most imp. point for market is OPEN, as open tells us which side overnight Inventory was and then if market sees follow up on that side of Inventory.
- Friday Market tried to break down n in second half manged to recover..n today market open was on that side i.e.UP
- Open Inside YVA= suggesting nothing much has changed overnight
- Open Type= Open drive which has strongest conviction of all the open types.
- Then next step market crosses YVAH..imp ref point n saw follow up of this buying also, in this process mkt spent Nearly 2 hours rotation in same region but IB high was holding, leaving no case for shorts.
- so far not any point suggested shorting markets, then in "K" period mkt finally moved away from balance it was forming for 2 hours on upside, breaking 2 days high, managed to close @ Highs.
- creating Normal Variation day, where target is generally IB X 2 or 1.5, which was hit.
- For tomorrow we may see follow up of today's action ..ref point on upside is 5575-5620. 5540-5530 should hold for any up move.
Today i was in total sync of market, n due to all these pointers was long from the start of day (around 5479) , Thanks to Market Profile :) .
All Comments welcome.
